Tuesday, November 12, 2024
Hawai'i Free Press

Current Articles | Archives

Tuesday, February 7, 2012
Hoku Dodges a $50M Bullet
By News Release @ 3:08 PM :: 8468 Views :: Energy, Environment, World News, Family

Hoku Corporation Announces Term Extension of $50 Million Loans

News Release from Hoku Corp

HONOLULU, HI -- (MARKET WIRE) -- 02/06/12 -- Hoku Corporation (NASDAQ: HOKU), a solar energy products and services company, today announced the extension of the maturity date of $50 million in loans from Tianwei New Energy Holdings Co., Ltd., a leading provider of silicon wafers, photovoltaic (PV) cells, modules and systems, and Hoku's majority shareholder.

As part of Tianwei's 2009 investment in Hoku, Tianwei provided Hoku with two loans during the first calendar quarter of 2010 totaling $50 million through China Construction Bank, acting as loan agent. The term of each loan is two years. With approval from China's State Administration of Foreign Exchange (SAFE), the maturity date of the $20 million and $30 million loans, scheduled to mature this quarter, have been extended one year until the first quarter of calendar year 2013. According to the SAFE approval, Tianwei and China Construction Bank are preauthorized to subsequently extend the maturity date for another year, until the first quarter of 2014.

"The extension of the loans reaffirms Tianwei's continuing commitment to Hoku's long-term success," said Scott Paul, CEO of Hoku Corporation. "Although the extension does not provide Hoku with any additional cash, it does allow us to better manage our liquidity, as we would otherwise be obligated to pay $50 million to Tianwei this quarter. As we source additional funds, our first priority is to pay our polysilicon plant vendors, and to continue with plant commissioning activities."

About Hoku Corporation

Hoku Corporation (NASDAQ: HOKU) is a solar energy products and services company with three business units: Hoku Materials, Hoku Solar, and Tianwei Solar USA, Inc. Hoku Materials markets and sells polysilicon for the solar market from its plant under construction in Pocatello, Idaho. Hoku Solar markets and installs turnkey photovoltaic systems and provides related services. Tianwei Solar USA markets and sells photovoltaic modules manufactured by Tianwei New Energy. Hoku Corporation is a majority owned subsidiary of Tianwei New Energy Holdings Co., Ltd. For more information, visit www.hokucorp.com.

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

Aloha Pregnancy Care Center

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Ballotpedia Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii ConCon Info

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federation of Republican Women

Hawaii History Blog

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii Military History

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Together

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

July 4 in Hawaii

Land and Power in Hawaii

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii

MentalIllnessPolicy.org

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Parents Org Hawaii

NFIB Hawaii News

NRA-ILA Hawaii

Obookiah

OHA Lies

Opt Out Today

Patients Rights Council Hawaii

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii

RailRipoff.com

Rental by Owner Awareness Assn

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

School Choice in Hawaii

SenatorFong.com

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii